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Colts Neck audit shows $5.14 million surplus and no findings, officials say
Summary
Township auditors presented a clean 2025 audit showing a $5,140,000 surplus, a 98.68% tax collection rate and no audit findings; officials noted a $519,000 year-over-year decrease and ongoing collection of delinquent taxes.
Mr. Antones, the township’s audit chief financial officer, told the Colts Neck Township Committee that the 2025 audit showed a surplus balance at year-end of $5,140,000, down from $5,660,000 in 2024. “This is a decrease of just over 519,000,” he said, and described a multi-year net decrease of about $805,000.
Antones reported a 98.68% tax collection rate for 2025 and roughly $800,000 in delinquent taxes that the township expects to collect in 2026, noting that unresolved amounts can be addressed by next year’s tax sale process. He also provided the township’s debt figures, saying total debt as of Dec. 31, 2025 was $32,875,000 and that net debt as a percentage of equalized valuation stood at 0.78%, the township’s lowest rate since 2019.
“Once again, I’m proud to say in this year’s audit, there’s no audit findings or deficiencies,” Antones said, adding the audit produced no recommendations for corrective action. Committee members thanked Antones and his staff for maintaining accurate books and the administration said a downloadable copy of the audit will be posted to the township website this week.
Committee members used the presentation to raise routine budget and capital questions; one member asked that a second police vehicle be added to the capital plan, while others praised staff for managing finances during personnel transitions. The committee voted to accept the audit presentation and had no additional corrective actions to direct to staff.
